PST Market Cap Reaches $322 Million Amid Ongoing Verification Challenges

Huma Finance's yield-bearing token PST has reportedly reached a market capitalization of $322 million (approximately 432.5 billion won) on Solana. While the market cap expansion continues, verification regarding trading volume, distribution structure, and default rates remains outstanding.

Crypto Briefing reported that PST's market cap rose from approximately $15.8 million (about 212.2 billion won) in April, to $200 million (about 268.6 billion won) in July, reaching $322 million by mid-September. This represents a roughly 104% increase compared to the April figure.

PST is a liquidity token received when users deposit USDC. Huma Finance utilizes the deposited funds for short-term liquidity needed in cross-border payments and trade finance, attributing related fees and interest to token holders. The company states loan terms typically range from 1-5 days.

Annualized yield rates are reported at approximately 8% based on USDC, with a projected range of 7-9%. This figure reflects revenue generated from payment finance activities rather than token price appreciation, and its calculation method and volatility require separate verification. Huma Finance previously stated in a June 23 announcement that it had processed over $14 billion (about 1.9 trillion won) in payment transactions since inception with no credit defaults.

In an August 25 post, the company reported cumulative transaction volume exceeding $17 billion (about 2.3 trillion won), and noted PST's market cap surpassed $220 million at that time. These figures are based on different reference points; comparing the August 25 official figure with the mid-September external report without considering the timing difference is inappropriate.

Huma Finance claims that PST's asset exposure and performance have been independently verified through Accountable, though it remains necessary to confirm whether individual repayment records and full loan ledgers are publicly available. PST's applications have expanded beyond Solana; Huma Finance announced in June that PST would be integrated with the Ethereum-based liquidity and lending platform Fluid, supporting deposits and borrowing, using Chainlink's CCIP for cross-chain connectivity.

Fluid integration aligns with cases where physical asset-related assets are connected to Fluid. This connection demonstrates a pathway for payment finance-based tokens to serve as collateral or deposited assets within DeFi liquidity markets. Bitwise included PST in the collateral assets of its September 2 PAPY vault, which accepts AUSD deposits from Agora and provides loans secured by tokenized physical assets like PST, sUSDai, and PRIME. Loan terms for PST-related lending are specified at 1-7 days.

Bitwise notes that the default information related to PST is provided by the vendor, not directly verified by them. The inclusion of PST in institutional vaults represents an instance where payment finance-based assets are utilized as collateral, though it does not imply Bitwise purchased PST directly. Tokenized physical asset vaults operate by providing loans against stablecoin deposits across various assets, requiring consideration of market cap alongside collateral composition, loan maturity, repayment records, and liquidity providers.